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South Korea Rejects $19.91m Loan from Pakistan

Republic Korea postpones $19.911 million loan to Pakistan under G-20.

According to a news release from the Economic Affairs Division (EAD). The loan to Pakistan, which was originally required to be reimbursed between July and December 2021. Will now be paid back over a period of six years (including a one-year grace period) in semi-annual installments.

The G-20 DSSI has provided the fiscal space required to address the critical health and economic needs of the nation as a result of the assistance provided by Pakistan’s development partners.

There is a total of $3,686 million in debt that must be suspended under the DSSI framework for the repayment period of May 2020 to December 2021.

Pakistan has already reached and inked 104 agreements with 21 bilateral creditors for the postponement of its $3,633 million debt repayment obligations under the G-20 DSSI.

With the signature of the aforementioned contract, the overall amount is now $3,653 million. The G-20 DSSI’s remaining agreements are currently the subject of negotiations.

Although the two parties have yet to come to an agreement. The ninth review was scheduled for November 2022.

As they argue before IMF officials that Islamabad should be treated as a member of the Washington-based creditor, not a beggar, Pakistani high-ups are losing patience.

The Pakistani government is hoping that when the statistics are released in the coming days. The current account deficit for April 2023 would still be positive.

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